The special rights other than shares in cross-border mergers of limited liability companies within the European Union. A perspective from the Spanish Law

The present research aims to study the special rights other than shares in Spanish Law and the protection of their holders in cross-border mergers of limited liability companies within the European Union frame. Special rights other than shares are recognised as an independent legal category within legal systems of some EU Member States, such as Germany or Spain, through the implementation of the Third Directive 78/855/CEE concerning mergers of public limited liability companies. The above-cited Directive contains a special regime of protection for the holders of securities, other than shares, to which special rights are attached, consisting of being given rights in the acquiring company, at least equivalent to those they possessed in the company being acquired. This safeguard is to highlight the intimate connection between this type of rights and the company whose extinction determines the existence of those. Pursuant to the Directive 2005/56/CE on cross-border mergers of limited liability companies, each company taking part in these operations shall comply with the safeguards of members and third parties provided in their respective national law to which is subject. In this regard, the protection for holders of special rights other than shares shall be ruled by the domestic M&A regime. As far as Spanish Law are concerned, holders of these special rights are recognized a right of merger information, in the same terms as shareholders, as well as equal rights in the company resulting from the cross-border merger. However, these measures are not enough guarantee for a suitable protection, thus considering those holders of special rights as special creditors, sometimes it will be necessary to go to the general protection regime for creditors. In Spanish Law, it would involve the recognition of right to the merger opposition, whose exercise would prevent the operation was completed until ensuring equal rights.

Measurement of the ZZ production cross section and limits on anomalous neutral triple gauge couplings with ATLAS

The main work of this thesis concerns the measurement of the production cross section using LHC 2011 data collected at a center-of-mass energy equal to 7 TeV by the ATLAS detector and resulting in a total integrated luminosity of 4.6 inverse fb. The ZZ total cross section is finally compared with the NLO prediction calculated with modern Monte Carlo generators. In addition, the three differential distributions (∆φ(l,l), ZpT and M4l) are shown unfolded back to the underlying distributions using a Bayesian iterative algorithm. Finally, the transverse momentum of the leading Z is used to provide limits on anoumalus triple gauge couplings forbidden in the Standard Model.

Triple combination therapy in pulmonary arterial hypertension

Pulmonary arterial hypertension is a severe disease characterized by increasing in pulmonary vascular resistance leading to right ventricular failure and death. Currently available drugs for treatment of PAH act on three different pathways responsible of the pathogenesis of this disease: the endothelin pathway, the nitric oxide pathway and the prostacyclin pathway. The purpose of our study was to reassess our experience on the use of drugs that interact on the pathobiological line of prostacyclin so we retrospectively included all patients, referred to our center from February 1995 to December 2021, who received therapy with i.v. Epoprostenol, s.c. Treprostinil or oral Selexipag. Firstly, we observed that patients treated with Epoprostenol were significantly more compromised at baseline when compared to the two other groups and evaluating the effects of the three different drugs, it emerged that patients treated with Epoprostenol had significantly greater improvements in respect to those treated with Treprostinil and Selexipag. In the second part of our analysis we assessed the effects of these drugs when used as third line strategy in order to limit many confounding factors that could influence demographic, clinical and hemodynamic characteristics of patient populations. The differences emerged in exercise capacity and baseline hemodynamics reflect the fact that in our clinical practice, we add Epoprostenol as third line therapy in more compromised patients, Treprostinil in intermediate situations and Selexipag in less impaired conditions. Comparing the effects of treatments between baseline and first follow-up we noticed smaller benefits with Selexipag when compared with intravenous and subcutaneous strategies but it’s important to weight baseline patient’s differences. Our analysis confirmed clinical and functional benefits for the use of both prostacyclin analogues and prostacyclin receptor agonists in terms of improved functional class, six-minute walking distance and cardiopulmonary hemodynamics.

Ethnicity and cross-border lending: evidence from the syndicated loan market.

Whilst the connection between culture and financial intermediation across countries has received considerable attention, there is scant work on the role of local ethnicity in bank lending operations. To fill this void, we lean on the sociology literature to scrutinize the impact of local ethnicity characteristics on syndicated loan composition and size in cross-border lending. We specifically examine whether local demographics in the U.S. for a specific bank impact their contracting in the international syndicated loan market. Exploiting Gravity Models, we find a higher likelihood of syndication and volume in cross-border loans when there is overlap in local and foreign market ethnicity. To alleviate endogeneity concerns between ethnicity and bank lending, we conduct robustness tests on different sub-samples. This analysis reports a significant uptick in cross-border loans for merging banks which share ethnicity in their neighbourhood (or zip). Moreover, these loans are associated with lower spreads than other matched cross-border loans, which can be explained by lower asymmetric information.

Interfaces between national and EU law: time limits in cross-border civil proceedings and their impact on the free circulation of judgments

The thesis aims at exploring possible legal solutions to remove the obstacles to the free circulation of judgments in the civil justice area that arise from the remarkably diverging national rules on procedural time limits. As shown by the case-law of the CJEU, time limits have recently come under closer scrutiny. The interplay between national and EU law illustrates that time limits raise significant deficiencies connected with the right to a fair trial under Art. 6 ECHR and Art. 47 CFR – e.g. the effective recovery of claims, effective judicial protection, effective cross-border enforcement of judgments – which negatively impact EU cross-border civil litigation. In order to overcome some of the weaknesses of the current legal framework governing the cross-border enforcement of judgments and strengthen the parties’ fundamental procedural rights the PhD thesis intends to determine whether and, to what extent time limits can be harmonised at EU level. EU action on time limits would indeed favour the speed, efficiency and proportionality of cross-border proceedings without sacrificing the fairness of the judicial process and the equality of the parties